Global Hemophilia Therapeutics Market: Overview
The increasing prevalence of hemophilia is by far the leading factor driving the global hemophilia therapeutics market. The U.S. Centers for Disease Control and Prevention (CDC) states that hemophilia occurs in about one in 5,000 live births every year. The increasing focus on prophylactic treatment will be a shot in the arm for the market in the forthcoming years. The approach used in prophylactic treatment prevents spontaneous bleeding, improves the quality of life in terms of physical activities, and maintains the level of clotting.
The study conducted on the basis of available primary and secondary resources helps both existing and new players in the global hemophilia market in forming important business strategies. It presents detailed information about the development trends of the market. Market dynamics, regional information, key growth observations, and competitive landscape are included in the report.
Global Hemophilia Therapeutics Market: Drivers and Restraints
The clinical advancements in the field of diagnosis and increasing consumer healthcare expenditure are augmenting the global hemophilia therapeutics market. While increasing use of recombinant therapies is likely to appreciate the revenue generation in developed regions, the improving access to treatment and presence of a large pool of patients are contributing to the growth of the emerging market. Other factors driving the market in developing regions are improving healthcare infrastructure and expanding medical tourism.
Furthermore, the growing popularity of gene therapy and the increasing approval of drugs for its treatment coupled with the presence of a large number of effective drugs in the pipeline are expected to augur well for the growth of the market in the near future. On the flip side, the influx of several new recombinant products is expected to lead to a rise in price pressure. This, along with the lack of awareness about hemophilia, is hampering the growth of the global hemophilia therapeutics market.
Global Hemophilia Therapeutics Market: Regional Outlook
The regional markets analyzed in this research report are Asia Pacific, Europe, North America, and Rest of the World. North America and Europe are collectively estimated to command a large share in the market owing to the high awareness regarding hemophilia treatment and the presence of favorable healthcare reforms. These healthcare reforms help in reducing the cost of pharmaceutical drugs and improve the overall quality of healthcare. They also help in reducing the duration of hospital stay, thereby cutting down the overall medical expenses.
Asia Pacific is likely to emerge as a promising market for hemophilia therapeutics during the forecast period. The growth of the region can be attributed to the flourishing medical tourism industry, increasing consumer spending power, rapidly developing healthcare sector, and the rising emphasis on wellbeing and healthy lifestyle.
Companies Mentioned in the Report:
While the majority of the companies in the global hemophilia therapeutics market are striving to improve recombinant factor replacement based on novel technologies and enhance their pipelines, some players are exploring totally different approaches to develop hemophilia drugs. Players are increasingly focusing on capitalizing immense potential present in emerging markets such as India and China to stay ahead in the competition. Some of the leading players in the market are Bayer AG, Baxter International Inc., Novo Nordisk A/S, Pfizer Inc., and Swedish Orphan Biovitrum AB.